Despite the volatility witnessed in the bond market this year and the subpar performance of bond funds, the bond Exchange Traded Fund (ETF) market has achieved remarkable growth. As of May, the size of bond ETFs attained a record high, with net inflows exceeding RMB 40 billion in a single month, accompanied by a substantial uptick in trading activity. Furthermore, the pledged repo business for credit bond ETFs has officially commenced, encompassing a total of 9 products in the repo pledge pool. This initiative is anticipated to further catalyze the expansion and development of the bond ETF market.